Island Offshore lays up two Platform Supply Vessels

Island Offshore has resolved to lay up two PSV vessels, Island Duke and Island Duchess, for an indefinite period.

Island Offshore says that the lay-up of vessels is due to a worsening of market conditions following reduced activity in the oil companies, especially in the North Sea but also in other markets. As of today there is significant oversupply of vessels in the market, the company explains.

“The reduced activity level expected also in 2016 may worsen market conditions further unless ship owners take responsibility to reduce the supply of vessels,” states Håvard Ulstein, Managing Director of Island Offshore Management AS.

According to the company, the resolution will not have any short term implications for the crew as they will be offered alternative employment within the fleet.

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